CBI arrests former IDBI chairman in Vijay Mallya loan default case, according to sources. Eight executives of Kingfisher Airlines and three more former executives by IDBI Bank were also arrested by CBI, according to reports.

Officials said the department has also got inputs about a number of “benami” assets and “unexplained investments” during the searches at the premises of Small Scale Industries Ministers. (PTI)

Central Bureau of Investigation (CBI) has arrested former IDBI chairman and former CFO of now-defunct Kingfisher Airlines A Raghunathan Yogesh Aggarwal in Vijay Mallya loan default case, according to sources. Four executives of Kingfisher Airlines and three more former executives of IDBI Bank were also arrested by CBI, according to reports. Earlier in the day, in a development related to Vijay Mallya, a team of CBI officials raided the offices of UB Group which is facing the process of recovery of Rs 6,203 crore from banks related to the Kingfisher Airlines case.

The arrests were made after raids at 11 places including Mallya’s residence, three floors of UB towers in Bengaluru and residences of Aggarwal and Raghunathan among others. Confirming the development, UB Group said: “A CBI team visited the UB Group offices in Bangalore today and we are fully cooperation with them,” a UB group spokesperson said.

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Mallya was earlier declared a proclaimed offender by a court. According to a CBI official, “A team of CBI officials from Delhi visited the UB group offices in Bengaluru.” However, he refused to provide any further details. That the visit happened was confirmed by the UB Group spokesperson. He added that the company was cooperating with the authorities concerned.